Credit cards and charge cards are becoming more and more accepted all over the world.
Typical credit cards have a set expiration date, usually one to two years from the date of the issue. Larger banks extend the expiration date as far as possible, to avoid extensive reissuing of new cards. Use of this technique reduces both the cost of new cards and the postage involved in their mailing. The main drawback to the extended expiration date of a typical major credit card becomes apparent, when the card is stolen. The unauthorized user may use the card until the expiration date is reached at stores that fail to check the stolen or lost credit card list carefully. When a credit card falls in unauthorized hands, purchases made during the time until the expiration date, can cause considerable financial losses to the issuing bank.
In order to reduce the risk of financial losses to credit card companies it would be advantageous to these companies to have expiration dates for credit cards made much shorter, as close as possible to the date of the possible theft.
According to the current invention the expiration dates of The Third Millennium credit cards will be reduced from a typical year or two duration to one single day, to 24 hours or less.
In case the losses which financial institutions are currently experiencing, are reduced drastically, the interest rates on credit cards and annual fees could be reduced also drastically and The Third Millennium cards according to the current invention: credit cards, charge cards, debit cards, health care cards etc. could really be the wave of the future, the only kind of cards which will be used during the next century and beyond.
The money will slowly be reduced to a numismatic rarity, which only very few people will be using in the future.